Use the Following Data for a Demand Curve $\times$ Quantity Maximized? What Is the Elasticity at That Point

question 58

Essay

Use the following data for a demand curve.
(A)Use the midpoint formula to calculate the elasticity between a price of $14 and $15.
(B)Use the midpoint formula to calculate the elasticity between $7 and $8.
(C)Because this is a linear demand curve, why does the elasticity change?
(D)At what point is price $\times$ quantity maximized? What is the elasticity at that point?

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